EWQ climbs to highest close since June 8th
iShares MSCI France ETF (EWQ) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
EWQ ended Wednesday at 29.06 surging $0.50 (1.75%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on June 3rd, EWQ gained 0.32% on the following trading day. Today's close at 29.06 marks the highest recorded closing price since June 8th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (EWQ as at Jul 29, 2020):
Wednesday's trading range has been $0.25 (0.87%), that's below the last trading month's daily average range of $0.34. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EWQ.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test June's close-by high at 29.23.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for EWQ. Out of 390 times, EWQ closed higher 51.03% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after nine trading days, showing a win rate of 56.92% with an average market move of 0.14%.